Housing News Today Centers Around Foreclosures:
There are currently 1.5 Million loans in active foreclosure but there are 3.5-4 million additional loans the banks are holding that are also in trouble. And those newer jumbo loans made within the past 12 months are defaulting at a greater rate than before. The reason for these new jumbo defaults seems to point to jobs losses.
Other News Making Headlines:
China Selling Accelerates, Stocks Tumble 6.7%
Fewer Americans Fear Healthcare Costs: Poll
Lehman Claims Could Reach $100 Billion: PwC
As Internet Turns 40, Barriers Threaten its Growth
Japan Democrats Take Power, Challenges Loom
Merkel Loses Ground to Left in German States
Tribune May Exit Bankruptcy This Fall: Report
GM to Form China Venture with FAW
AIG Weighing Many Options for ILFC
Rep. Frank Eyes Fed Audit, Emergency Lending Curbs
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